"You have to be willing to pay the rate to play the game if you're going to be successful (in a resource play)," says Petrohawk Energy Corp. executive vice president Steve Herod. "It doesn't do any good to be second on every lease. It's like being last."

Herod spoke at A&D-The Workshop: Unconventional Gas in Fort Worth, presented by A&D Watch newsletter. Speed is critical in acquiring a quality position, he said. "You can't wait if you want to be in one of these plays. Once you make the commitment, you've got to be willing to move quickly."

Being first in a resource play, however, isn't necessary to establish a good position, he said, but in the rush to acquire leaseholds in popular ...